Loan Week, October 11-17

A roundup of the latest syndicated loan market news.

India

Century Textiles & Industries has sealed a Rs2.9 billion eight-year term loan through sole bookrunner and mandated lead arranger State Bank of India.

Final allocations saw participant State Bank of Mysore give Rs820 million while State Bank of Baroda and State Bank of Hyderabad took Rs810 million apiece. The lead wrapped up the syndication with Rs500 million.

Proceeds are for the expansion of a cement manufacturing facility.

IndusInd Media & Communications has signed a Rs4.5 billion four-year and three-month term loan through sole bookrunner Yes Bank.

Hinduja Ventures is the sponsor of the deal.

Final allocations saw the lead lend Rs2.5 billion while participant Allahabad Bank contributed Rs2 billion.

Proceeds are for capital expenditure purposes.

Uttam Value Steels obtained a Rs20 billion debt package through sole bookrunner and mandated lead arranger State Bank of India.

The facility is split into a Rs3.1 billion eight-year and ten-month term loan, a Rs3 billion five-year and one-month term loan, a Rs12.2 billion one-year letter of credit facility and a Rs1.7 billion one-year revolving credit facility.

Syndication saw Allahabad Bank, Andhra Bank, Bank of Baroda, Canara Bank, Corporation Bank, Indian Overseas Bank, Oriental Bank of Commerce, Punjab & Maharashtra Co-operative Bank, Punjab National Bank, Union Bank of India and Vijaya Bank come in as participants.

Proceeds are for the modernization of a steel manufacturing facility.

Indonesia

Astra International has inked a $400 million three-year revolving credit facility through mandated lead arrangers ANZ, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Citi, DBS, HSBC, Mizuho, OCBC, Standard Chartered, SMBC and UOB on a club basis.

Proceeds are to meet general corporate requirements.

Singapore

Arcadia Energy has completed a $150 million 180-day revolver through bookrunners and mandated lead arrangers ABN AMRO, BNP Paribas, Credit Agricole, ING, Rabobank and Standard Chartered.

The financing is guaranteed by Farahead Holdings and Farahead Investments.

Final allocations saw the leads provide $23 million apiece while lead arranger Maybank joined in with $10 million. Arranger UBS rounded up the syndicate with $5 million.

Proceeds are for refinancing and general corporate purposes.

Galaxy NewSpring Capital has secured a $170 million three-year facility on a club basis through mandated leads Bangkok Bank, Bank of Tokyo-Mitsubishi UFJ, First Gulf Bank, Natixis and Standard Chartered.

The facility is split into a $150 million term loan and a $20 million revolver.

Proceeds are for refinancing and capital expenditure purposes.

Sevan Drilling has completed a $1.8 billion five-year credit facility through joint bookrunners Banco Itau, Banco Itau (Nassau), Bank of China, China Development Bank, Danske Bank, Export-Import Bank of China, ING, ICBC, NIBC Bank, Standard Chartered Bank and Swedbank AB.

Coordinated and underwritten by ING, the package is divided into a $1.4 billion tranche and a $350 million portion.

Syndication saw BNP Paribas and Bank of America Merrill Lynch come in as mandated lead arrangers while six other banks joined in as arrangers.

Proceeds are to fund the acquisition of Sevan Drilling ASA by SeaDrill, and the purchase of two newly-built rigs, and for ECA financing.

Taiwan

Chyi Yuh Construction has secured a NT$6.8 billion five-year term loan through joint bookrunners Taiwan Business Bank, Shin Kong Life Insurance and Mega International Commercial Bank.

The deal comprises a NT$1.5 billion tranche, a NT$3.1 billion tranche and a NT$2.2 billion portion.

Syndication saw Agricultural Bank of Taiwan, Bank of Kaohsiung, First Commercial Bank and Ta Chong Bank join in at lower tiers.

Proceeds are for capital expenditure purposes.

Splendor Hotel has completed a NT$3.3 billion five-year term loan through sole bookrunner Taiwan Cooperative Bank.

The financing consists of a NT$2.9 billion tranche and a NT$330 million portion.

Final allocations saw the lead pledge NT$1.1 billion while mandated lead arrangers Taipei Fubon Commercial Bank came in with NT$800 million. Participants Industrial Bank of Taiwan, Bank SinoPac and Ta Chong Bank rounded up the syndication with NT$640 million, NT$480 million and NT$300 million respectively.

Proceeds are to repay existing indebtedness and for working capital purposes.

Thailand

Coastal Energy has inked a $350 million two-year and eight-month revolver though bookrunners and mandated lead arrangers BNP Paribas and Commonwealth Bank of Australia.

Final allocations saw BNP Paribas provide $90 million while Commonwealth Bank of Australia committed $78 million. Mandated lead Standard Chartered pledged $78 million while HSBC took $63 million. Credit Agricole concluded the syndicate with $43 million.

Proceeds are to refinance existing indebtedness.